You can jailbreak ipad2 using new tool Absinthe that is released recently. You have to follow below easy steps and your device will be jailbroken.
Note: Your ipad2 should be running on 5.0.1. Disable the pass code if any before starting the jail break.
Download Absinthe jailbreak tool for Mac by clicking Here
Download Absinthe jailbreak tool for Windows (coming soon)
Guidelines for Jail breaking:
Step 1: Extract the downloaded file and run Absinthe after plugging your ipad2 to your computer.
Step 2: Click the “Jailbreak” button on Absinthe screen.
Step 3: You will see a progress bar on your screen, wait for the progress bar to finish loading and wait and be patient.
Step 4: Now Absinthe app has been installed on your iPad 2. Open the app.
Note: In case of database error keep closing and reopening the app.
Step 5: After the app loads properly, your device should restart and when it boots up it will be jailbroken!